HomeMy WebLinkAboutR2015-030RESOLUTION NO. 82015 -030
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF DENTON CONSENTING TO
THE WITHDRAWAL OF NORTH TEXAS HIGHER EDUCATION AUTHORITY, INC.
FROM ACTING FOR AND ON BEHALF OF THE CITY AND RESCINDING THE CITY'S
REQUEST THAT THE AUTHORITY ACT FOR AND BEHALF OF THE CITY
WHEREAS, North Texas Higher Education Authority, Inc. (the "Authority ") was
established as a non - profit corporation pursuant to Section 53B.47(e) of the Texas Education
Code, for the purpose of furthering educational opportunities of students by providing funds to
purchase or to make guaranteed student loans; and
WHEREAS, by Resolution of the City Council of the City of Denton, Texas dated
July 5, 1978, the City of Denton, Texas ( "City of Denton ") agreed to participate in the
establishment of the Authority jointly with the City of Arlington, Texas ( "Arlington "); and
WHEREAS, for many years, the Authority has furthered educational
opportunities of area students by providing funds to eligible lenders which made student loans to
area residents and students; and
WHEREAS, due to the termination of the Federal Family Education Loan
Program, the Authority is no longer able to purchase guaranteed student loans and currently has
no activities in the City of Denton and no financing plans; and
WHEREAS, the Authority is seeking to simplify its organizational structure by
making Arlington its sole sponsoring entity; and
WHEREAS, the Authority has asked the City of Denton to (1) consent to the
Authority's withdrawal from acting for and on its behalf of the City of Denton; and (2) rescind
the City of Denton's earlier request that the Authority act for and on behalf of the City of
Denton; and
WHEREAS, the City of Denton is willing to do so;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DENTON,
TEXAS RESOLVES:
SECTION 1. The City Council of the City of Denton, Texas, consents to the
withdrawal of North Texas Higher Education Authority, Inc. from acting for and on behalf of the
City of Denton in the exercise of the powers enumerated under Section 5313.47 of the Texas
Education Code.
SECTION 2. The City Council of the City of Denton, Texas, rescinds its earlier
request that North Texas Higher Education Authority, Inc. act for and on behalf of the City of
Denton.
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SECTION 3. The City Council of the City of Denton, Texas, confirms that the
Authority intends to withdraw from acting on behalf of the City of Denton pursuant to Section
5313.48 of the Texas Education Code, and following the Authority's withdrawal, the City of
Denton will no longer be entitled to participate in the appointment or removal of a member of the
board of directors of the Authority or authorize or be required to participate in the approval of
the issuance of revenue bonds or other borrowings by the Authority, and members of the board
of directors of the Authority who were appointed by the City of Denton will no longer be
considered qualified as directors of the Authority.
SECTION 4. It is officially found and determined that the meeting at which this
resolution is passed is open to the public, as required by law, and that public notice of the time,
place and purpose of said meeting was posted, as required by law.
SECTION 5. This resolution shall become effective immediately upon its
passage and approval.
PASSED AND APPROVED this the ✓ day of AIA .. per, 2015.
�. 'HRIS WATTS, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO FORM:
ANITA BURGESS, CITY ATTORNEY
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CERTIFICATE OF SECRETARY
THE STATE OF TEXAS §
COUNTY OF DENTON §
CITY OF DENTON §
I, the undersigned, Secretary of the City of Denton, Texas do hereby certify the
following:
1. On the day of , L/ , 2015 t1w City Council ol'
the City of Denton, Texas convened in regular session at its regular meeting place in City Hall,
with the duly constituted members of the City Council being as follows:
Chris Watts
Kevin Roden
Keely Briggs
Kathleen Wazny
Joey Hawkins
Dalton Gregory
Greg Johnson
Mayor
Council Member, District 1
Council Member, District 2
Council Member, District 3
Council Member, District 4
Council Member, At Large Place 5
Council Member, At Large Place 6
and all Council Members were present at said meeting, except the following:
Among other business considered at said meeting, the attached resolution, entitled:
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF DENTON CONSENTING TO
THE WITHDRAWAL OF NORTH TEXAS HIGHER EDUCATION AUTHORITY, INC.
FROM ACTING FOR AND ON ITS BEHALF AND RESCINDING ITS REQUEST THAT
THE AUTHORITY ACT FOR AND ON ITS BEHALF
was introduced and submitted to the Council for approval and passage. After present tio and
due consideration of t , e 1 e, ,a °, lon, and upon a motion by nd
seconded b_ , the resolution was duly passed and adopted by the
City Council, tole effective imi n d a ely, by the following vote:
voted "For "� voted "Against " abstained
all as stated in the official Minutes of the City Council for the meeting held on the aforesaid date.
2. The attached resolution is a true and correct copy of the original resolution
on file in the official records of the City of Denton, Texas. The duly qualified and acting
members of the City Council of the City of Denton, Texas, on the date of the aforesaid Council
meeting are those persons above named; and according to the records of my office, each member
of the City Council was given advance notice of the time, place and purpose of the meeting, and
50900788.1
that said meeting and deliberation of the aforesaid public business was open to the public, and
written notice of said meeting, including the subject of the entitled resolution, was posted and
given in advance thereof, in compliance with the provisions of Chapter 551, Texas Government
Code.
IN WITNESS THEREOF, I have eretinto signed my name officially and affixed
the seal of said City, this the day of 2015
V— b
�11r1t dal tel s„ City Secretary
City of Denton, Texas
(Seal)
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